5 Home-Buying Tips For New Parents
Becoming a parent is no small things. From cautious investments to taking financial measures, a new parent has to look into several aspects of money management. When it comes to buying a property, homebuyers who are also new parents have to think about present as well as future needs of the family. MakaanIQ shares few tips for new-age parents who are considering to expand their family and upgrade their home-
Before you finalise your house, you need to take into account the space your children would need when they grow up. It is important that you have an extra room for their future needs which can be used for nanny's room or their reading room in future. If due to financial issues you can't go for a house with extra rooms, buy a house with a basement or a loft space. This can be converted into bedrooms when the need arises.
Apart from the size of the home, it is essential that you keep all the practicalities in mind. For instance- as a new parent you would need a home where you can easily move strollers. You would also want balconies with high railings. Therefore it's good to have a home with an open floor so that you can customise and modify according to the evolving needs of your family.
- Kid-friendly neighbourhood
Having all amenities in a close proximity should be your preference if you are shifting to a new neighbourhood. It will be nice if there are good play schools around, community parks, kids' play area, entertainment options. Consider buying a home in localities which are close to good schools so that your kid can save time in traveling.
- Safety issues
Parents definitely want their kids to have a safe life. So, it becomes essential to ensure that there are no sharp corners, open stairways and banisters with wide gaps in the house. Also, you can ask the builder to install channel gateways for extra security. Close-circuit cameras, doorbell camera, round the clock security guards are other options to ensure your kid's safety.
- Financial planning
Buying a home involves paying upfront payment of at least 20 per cent of the final price. Being a parent requires you to be ready with emergency funds if need arises. At the same time, home buying might also need a contingency fund for minor wears and tears. Therefore it is advisable for new parents to keep at least 10 per cent of the property cost as a separate fund for such expenditures before signing the dotted line for buying a home. This can save you from financial crises.